FINRA's Board Approves Rule Proposals and 2024 Budget, Appoints New Members, and Previews Annual Regulatory Oversight Report at December Meeting

At the fifth and final meeting of the year, FINRA's Board of Governors approved two rule proposals and the 2024 proposed budget. Discussions were also held regarding FINRA’s financials, including expenses and reserve drawdown.

The Board made appointments to the National Adjudicatory Council (NAC) and the Small Firm Advisory Committee (SFAC). Additionally, they provided a preview of the 2024 FINRA Annual Regulatory Oversight Report, which will be published next month. The report provides member firms with insights and observations from FINRA's regulatory oversight activities to aid in their compliance efforts.

FINRA is currently working on several rulemaking initiatives, including the applicability of document production lists in simplified customer arbitrations. They also announced the centralized hosting of SEC Rule 605 reports, making it easier for firms to access updated tools.

FINRA is a regulator for securities firms that ensures fair and ethical practices within the industry. Their mission is to protect investors and maintain integrity in the market. More information about FINRA can be found on their website at www.finra.org.